The Grothendieck Group construction seems very similar to the Int construction over traced monoidal categories (pdf).
[It may help to either rewrite the group construction multiplicatively, or to use additive notation for the monoidal structure to make this more obvious]. Roughly speaking the trace is what gives the needed invariance with respect to a common factor on both sides, which is the same thing expressed through quotienting via an equivalence relation in the group construction.
So I must be missing some fundamental difference between these constructions (or I have not read the right paper which already makes this observation). Which is it?